On February 27, Hunan Sokan New Materials Co.Ltd(688157) ( Hunan Sokan New Materials Co.Ltd(688157) . SH) released its annual report for 2021. The announcement showed that during the reporting period, the company achieved a total operating revenue of 508 million yuan, a year-on-year increase of 16.85%; The net profit attributable to the shareholders of the listed company was 973949 million yuan, a year-on-year increase of 11.72%. Meanwhile, the company plans to distribute a cash dividend of RMB 3.70 (including tax) to all shareholders for every 10 shares Citic Securities Company Limited(600030) said that Hunan Sokan New Materials Co.Ltd(688157) achieved both revenue and profit growth and showed good growth under the background of the core customer Huawei being dragged down by the lack of core factors and the sharp rise in the price of key raw materials. In the future, relying on the development strategy of R & D drive + M & A to supplement two wheel drive, the company may continuously improve its market position in the field of consumer electronic coating materials and gradually enhance its competitive advantage in the field of coating materials for passenger cars and new energy vehiclesP align = “center” high end consumer electronics achieved overall growth
As a leading enterprise of new functional coating materials in China, Hunan Sokan New Materials Co.Ltd(688157) its products are mainly used in two fields: high-end consumer electronics and passenger cars. Among them, the high-end consumer electronics field is the main source of the company’s performance, contributing more than 90% of its revenue for a long time.
According to the annual report, the company’s overall sales scale in the field of high-end consumer electronics during 2021 increased by 12.31% over the previous year. Among them, mobile phones and related accessories, laptops and related accessories, which previously accounted for a large proportion, increased by 6.48% and 1.43% respectively, and the volume of revenue maintained a steady increase; Previously, applications in wearable devices and smart appliances, which accounted for a relatively small proportion, achieved significant growth, with revenue growth of 51.47% and 67.42% respectively in the same period.
The company said: through continuous and in-depth market penetration, the company’s paint product share in major strategic customers such as Xiaomi, major consumer electronics customers in North America, Amazon, Google and Logitech has further increased, and the sales volume has increased to varying degrees, which has effectively hedged the adverse effects caused by Huawei’s lack of core and changes in the external environment, and ensured the quality of mobile phones and accessories Steady growth in revenue from notebook computers and accessories. Meanwhile, with the continuous improvement of the company’s brand influence, the company’s cooperation with major North American consumer electronics customers, Xiaomi, Huawei, Casio and other end customers has been strengthened, and the application in the field of wearable devices has accelerated; At the same time, benefiting from the consumption upgrading of downstream end users, it indirectly drives the demand for appearance and functional coatings of smart home appliances, and the revenue in the field of smart home appliances has also increased significantly.
According to the data, in 2021, the revenue of the company’s products in the field of wearable devices and smart appliances reached 711788 million yuan and 241227 million yuan respectively, and the proportion of revenue increased to 14.01% and 4.75% respectively. The significant increase of revenue in the two fields played an important role in the growth of the company’s overall revenueP align = “center” the prospect of automotive coatings is becoming clearer
In addition to the steady growth of the traditional business scale, the company has successfully passed the series terminal certification in the field of automotive coating materials after early exploration, and the sales performance has begun to be gradually reflected.
According to the data, in 2021, the company achieved a revenue of 224623 million yuan in the field of passenger cars, a year-on-year increase of 274.39%. During this period, the company’s antifogging lamp coating was mass produced in Byd Company Limited(002594) in the second half of 2021, PVD products and UV silicon products were delivered in T company in North America, and the stainless steel coating was successfully trial produced or mass produced in some projects in Weilai. In terms of customers, the company has successively obtained AVL qualification certification from more than ten well-known automobile enterprises such as Byd Company Limited(002594) , Tesla, Xiaopeng and Weilai, and obtained many opportunities to participate in the development of new model samples and new projects. It has established strategic cooperation relations with many well-known automobile parts manufacturing enterprises at home and abroad, such as Yanfeng group, Changzhou Xingyu Automotive Lighting Systems Co.Ltd(601799) , Ningbo Huaxiang Electronic Co.Ltd(002048) .
According to the statistical data of China Automobile Industry Association, the cumulative output of Shanxi Guoxin Energy Corporation Limited(600617) vehicles from January to December 2021 was 3.545 million, with a year-on-year increase of 159.5%; The sales volume was 3.521 million, a year-on-year increase of 157.5%. The rapid growth of the scale of new energy vehicles has brought great development opportunities to the automotive coating industry. Industry insiders said that the rapid growth of the new energy vehicle industry is expected to drive the substantial growth of the company’s automotive coating business. The company has excellent customer expansion ability. At present, it has entered many well-known consumer electronics manufacturers and vehicle and parts enterprises. It is expected that the follow-up company will continue to improve product penetration and further enrich its customer listP align = “center” technological innovation and product iteration continued
In addition to the rapid growth of its main business, the company has also made a number of progress in R & D technology, and the product iteration has been promoted in an orderly manner.
According to the data, the company’s annual R & D investment reached 587544 million yuan in 2021, maintaining a growth trend for five consecutive years. With the continuous high level of R & D investment, the company developed silicone hand coating and water-based DTM coating suitable for more substrate types during 2021, providing technical support to meet the diversified needs of downstream markets and customers. In addition, by participating in the coating technology development of Amazon’s first home assistant Siasun Robot&Automation Co.Ltd(300024) astro, Hunan Sokan New Materials Co.Ltd(688157) provides UV silicon hand coating solutions for AR equipment end customers 3glasses, Microsoft and Lenovo, and successfully develops the industry-leading second-generation anti fog lamp coating and UV ink, so as to make relevant technical reserves for the implementation of the strategy in the next stage.
During 2021, Hunan Sokan New Materials Co.Ltd(688157) totally added 1 PCT international authorized patent; There are 42 national authorized patents, and the newly added patents cover a number of application technology fields, such as water-based antifogging coating, UV curing coating, photosensitive ink of 3D glass, and the technical capacity has been continuously enhanced.
(the contents mentioned in the text are all from public information and do not constitute substantive investment suggestions, so the operational risk shall be borne by itself.)
